New Iberia, Louisiana Property Taxes
The median property tax rate in New Iberia, LA is 0.82%, which is lower than both the national median of 0.99% and the Louisiana state median of 0.91%. With a median home value of $74,110 in New Iberia, the typical annual property tax bill is $620, significantly below the national median of $2,690. Property taxes in New Iberia are based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding New Iberia's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of New Iberia or another part of the city, grasping the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
New Iberia, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$608
Ownwell’s New Iberia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Iberia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Iberia to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across New Iberia, Louisiana
Property taxes in New Iberia, Louisiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Iberia is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within New Iberia set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Iberia estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares New Iberia's effective property tax rate to other areas in Iberia Parish and the national median. For comparison, the 70560 zip code has the highest median property tax rate of 0.82%, while the 70563 zip code has the lowest median tax rate of 0.81%. Understanding how these areas compare with New Iberia provides valuable insights into the varying tax landscape across Iberia Parish, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Iberia Tax Rate
0.82%
Average Iberia County Tax Rate
0.82%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Iberia, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70560 | 0.77% | 0.77% | 0.82% | 0.90% | 0.90% |
| 70563 | 0.77% | 0.81% | 0.81% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across New Iberia, Louisiana
In New Iberia, Louisiana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Iberia Parish Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In New Iberia, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in New Iberia is $1,005 in the 70563 zip code, while the lowest is $468 in the 70560 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Iberia Assessed Value
$74,110
Average Iberia County Assessed Value
$68,490
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Iberia, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70560 | $9,199 | $23,380 | $55,220 | $104,380 | $166,794 |
| 70563 | $27,500 | $66,455 | $117,060 | $188,930 | $276,600 |
Source: Ownwell
Property Tax Bills Across New Iberia, Louisiana
In New Iberia, property tax bills are calculated based on the assessed value of a home, which is determined by the Iberia County Assessor's Office. The assessed value typically represents a percentage of the property's market value. Homeowners in New Iberia can expect their tax bills to vary significantly depending on the value of their property and the specific area they live in. For example, the median home price in New Iberia is $74,110, and tax bills can range from $266 at the 25th percentile to $1,804 at the 90th percentile. The highest median tax bill in New Iberia is $1,005, found in the 70563 zip code, while the lowest is $468 in the 70560 zip code. These variations can affect homeowners differently, with those in higher-tax areas potentially facing larger financial obligations. Compared to the national median property tax rate of 0.99%, homeowners in New Iberia may find their tax rates and bills to be relatively manageable, depending on their specific circumstances.
Average New Iberia Tax Bill
$620
Average Iberia County Tax Bill
$580
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across New Iberia, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70560 | $78 | $197 | $468 | $877 | $1,392 |
| 70563 | $232 | $554 | $1,005 | $1,604 | $2,284 |
Source: Ownwell